Gold and silver trade higher leading into the European open
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(Kitco News) – Gold is trading 0.34% higher leading into the European open. Silver is also having a good start and is nearly 1% in the black. Elsewhere in the commodities complex, copper (1.63%) and spot WTI (1.19%) are both trading well.
In the risk markets, the Nikkei 225 (0.66%), ASX (0.86%), and Shanghai Composite (0.79%) all traded well overnight. Futures in Europe are indicating a positive open.
Over in the FX space, the dollar index (-0.16%) is slightly softer and the biggest mover overnight was AUD/USD (0.57%). Bitcoin is trading half a percent higher at $20,841.
News from overnight:
China state planner vice-head says no to flood-like stimulus.
ECB is reportedly set to bring back ‘sterilization’ in the fight against fragmentation.
Libya warned it may suspend some exports in the next 3 days.
U.S. crude in the Strategic Petroleum Reserve (SPR) has fallen to its lowest since 1986.
French President Macron informed U.S. President Biden of limited extra oil production capacity for Saudi and UAE.
Rating agency Moody’s flags further Russian defaults still to come.
Germany July GfK consumer confidence -27.4 vs -27.6 expected.
Looking ahead to the rest of the session highlights include U.S. consumer confidence, the G7 summit, and speeches from ECB’s Lagarde, Elderson, Lane, Panetta, and Fed’s Daly.
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